SureRemit’s Initial Coin Offering raised $7 million last month to fund its blockchain-based remittance platform. The platform allows customers to buy digital vouchers which are redeemable for goods and services using RMT tokens.
“International remittance transactions can be frustrating, but it doesn’t have to be, at least for non-cash value transfers which constitute about 40 percent of all transfers,” ‘Laolu Samuel-Biyi, director of remittances, SureRemit stated. “In very many cases, immigrants and travellers just want to buy food or pay a bill for someone at home. Those transactions do not have the same risk profiles as cash transactions, and they should not be subjected to the same costs, timelines and procedures.”
The platform promises zero transaction fees on remittances, instant accessibility to shopping vouchers, and the ability to track the use of remittances sent.
Hashed, a South Korean company that promotes blockchain start-ups through community and impact investing funded the ICO because it agrees with the need to solve remittance issues in emerging markets.
Investors now have to wait and see if their funds will be put to good use. With ICOs being used as money-making schemes, the investors in this case simply have to cross fingers and hope that they made the right choice.